This is a notice to announce that we have been made aware that a bug has been identified in Fairmoon smart contract. Funds are currently safe, but this will impact the price in the coming next weeks/months. Read more below and how we will help Fairmoon team remedy this issue.
Just like in all Safemoon forks, Fairmoon have a tax to help build a better price floor. 1% tax is collected by the contract, and once the contract have enough tokens it will sell half to add permanently burned liquidity.
The problem is that the contract will add liquidity every 500M tokens in the contract as kept originally from SafeMoon code but unlike SafeMoon with its extremely high supply, Fairmoon supply is just 5 billion with at least 2.5B permanently locked.
While adding liquidity is good, selling 250M tokens at once on the market to add liquidity will create a drop in price with an impact of at least 50%.
This will result in a major drop in price when this happens. This effectively turns a feature to help raise the price floor into a ticking bomb and since ownership is renounced on the contract, there is no way to disable the liquidity fee.
A snapshot will be taken in the next days so investors can move to the bug-free contract. We are currently discussing with the team on the best strategy to move forward from this unfortunate situation.
Rest assured that the token is still tradable at this point and nobody at any point can take funds from liquidity other than selling. We do not recommend panic selling, as the snapshot is not taken yet.
You can watch this video which explains what is going on in details:
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